Geologists have
discovered one of the world’s largest deposits of copper, gold, and silver in
the border region between Argentina and Chile, in the San Juan Province,
Argentina, and the Atacama Region, Chile. Chile already has the world’s largest
copper production and reserves by wide margins.
The Vicuña Mineral Resource
discovery is thought to contain 13 million tons of copper, 32 million ounces of
gold, and 659 million ounces of silver. This makes it one of the largest
deposits in the world for all three metals.
According to Daily Galaxy:
“The deposit consists of two primary sections: Filo del
Sol and Josemaria, both crucial for their copper content. Filo del Sol alone
holds over 600 million tons at a 1.14% copper equivalent, while Josemaria holds
nearly 200 million tons at 0.73% copper equivalent. This discovery could
ultimately develop into a world-class mining district capable of supplying
essential metals for decades to come.”
“In response to the find, Jack Lundin, CEO of Lundin
Mining, stated, “We see the potential for Vicuña to be not only a significant
copper producer but also one of the world’s largest gold and silver mines as
well.”
A 50/50 joint venture between
Lundin Mining and BHP formed Vicuña Corp. to advance the Filo del Sol and
Josemaria projects located along the Chile-Argentina border. The projects are
large porphyry copper-gold systems. Filo del Sol also contains a
high-sulphidation epithermal gold-silver-copper system. The two projects are
about 10km apart and are planned to be developed in an integrated fashion. They
could be a boon to the economies of Chile and Argentina. According to Lundin
Mining’s website:
“The Josemaria project is to be developed as a
large-scale open pit mining operation and will employ conventional truck and
shovel open-pit mining with conventional primary crushing, grinding and
flotation.”
The statement of mineral reserves thought to be present is shown below.
The host rocks for the
deposits are Permian-Triassic felsic volcanic and monzogranitic basement units
of the Choiyoi magmatic province, which are unconformably overlain by a
sequence of terrigenous sedimentary and andesitic volcanic rocks, assumed to be
Cretaceous in age. Several geological maps of the deposits are shown below.
According to Daily Galaxy, the companies have agreed to address the concerns of local indigenous tribes and to be as environmentally responsible as possible. They also tout the economic benefits of the projects.
"Mining companies involved in the project have committed to using advanced environmental management practices, including real-time environmental monitoring and water treatment systems, to mitigate potential risks. This approach aims to prevent the ecological challenges that have arisen in other mining regions."
“The discovery of the Vicuña Mineral Resource could have
significant implications not just for Argentina but for the broader Andean
mining belt, where neighboring countries Chile and Peru have long been major
players in copper production. Experts predict that this find will foster
greater collaboration between Argentina and its neighbors, particularly in the
exchange of knowledge, labor, and capital”
References:
A
Massive Copper, Gold, and Silver Deposit Discovered by Geologists: The Largest
Mineral Deposit in 30 Years. Arezki Amiri. Daily Galaxy. June 29, 2025. A
Massive Copper, Gold, and Silver Deposit Discovered by Geologists: The Largest
Mineral Deposit in 30 Years
World
Copper Reserves Analysis. Precision Technology. 2023. World Copper
Reserves Analysis - PRS – Copper EPC Supplier
Vicuna.
Lundin Mining. Vicuña |
Lundin Mining Corporation
NI
43-101 Technical Report Vicuña Project, Argentina and Chile Prepared for: Lundin
Mining Corporation Prepared by: SLR Consulting (Canada) Ltd. SLR Project No.:
233.065323.00001 Effective Date: April 15, 2025 Signature Date: June 16, 2025 Qualified
Persons: Luke Evans, M.Sc., P.Eng. Paul Daigle, P.Geo. Sean Horan, P.Geo. Jeff
Austin, P.Eng. Bruno Borntraeger, P.Eng. lun_technical_report_on_vicuna-2025.pdf
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